Renting equipment can save businesses time and money on several levels. The first level is having access to equipment exactly when it is needed. Going through the process of finding the equipment, applying for a business loan to acquire the equipment, and ordering the equipment can take at least a week or two. The job requiring the specific piece of equipment could have been completed three times over by then.
Construction, mining, paving, and other companies that bid for contracts own equipment that is typically needed for the work. The opportunity for a new contract may require equipment not sitting in the storage garage. Owners can get quotes from rental companies, such as Slaymaker Rentals & Supply Company, and include that pricing in the bid.
Once they land that contract, the equipment can be rented for as long as it is needed. If the company does not get the contract, there has been no extra expenditure on equipment. Renting is also a way to solve problems at a job site, branch out into different types of projects, and prevent delays if equipment breaks down.
Narrowing Down Possibilities
Purchasing new equipment is a major investment for any business. Testing out a few models and manufacturers before buying allows owners to make informed decisions. In addition to heavy machinery, power tools, outdoor lighting systems, and scaffolding, among many other items can also be rented from Slaymaker Rentals & Supply Company.
If it is time to add an excavator to the available equipment, rent a New Holland excavator for a month to discover how it handles, the costs of operation, and any specific features that add to performance. The next month, rent a John Deere excavator and compare the two brands.
Building the Business
Business owners who are in the process of building the business may want to rent some equipment rather than purchasing it right away. Renting prevents a drain on capital, which can be used to improve cash flow or reinvest in the business. Leasing equipment offers the same advantage.
Owners can Contact Slaymaker Group to compare renting and leasing pricing. Costs are considered operating expenses and can be deducted from tax returns. Owned equipment is a business asset, which is taxable.